The Experts below are selected from a list of 201 Experts worldwide ranked by ideXlab platform
Laura Nyantung Beny - One of the best experts on this subject based on the ideXlab platform.
-
insider trading Laws and stock markets around the world an empirical contribution to the Theoretical Law and economics debate
The Journal of Corporation Law, 2007Co-Authors: Laura Nyantung BenyAbstract:ABSTRACT The primary goal of this Article is to bring empirical evidence to bear on the heretofore largely Theoretical Law and economics debate about insider trading. The Article first summarizes various agency, market, and contractual (or "Coasian") theories of insider trading propounded over the course of this longstanding debate. The Article then proposes three testable hypotheses regarding the relationship between insider trading Laws and several measures of stock market performance. Exploiting the natural variation of international data, the Article finds that more stringent insider trading Laws are generally associated with more dispersed equity ownership, greater stock price accuracy and greater stock market liquidity, controlling for various economic, legal and institutional factors. These results cast doubt on pure "Coasian" theories of insider trading and suggest the appropriate locus of academic and policy inquiries about the efficiency implications of insider trading and its regulation. Further empirical research is necessary, however, to conclusively resolve the perennial insider trading debate. I. INTRODUCTION II. THE Law AND ECONOMICS DEBATE OVER INSIDER TRADING A. Agency Theories of Insider Trading 1. Insider Trading as an Efficient Compensation Mechanism 2. Insider Trading as an Agency Cost B. Market Theories of Insider Trading 1. Insider Trading and Stock Price Accuracy a. The Meaning and Economic Significance of Stock Price Accuracy b. The Law and Economics Debate about Insider Trading and Stock Price Accuracy 2. Insider Trading and Stock Market Liquidity a. The Meaning and Economic Significance of Stock Market Liquidity b. The Law and Economics Debate about Insider Trading and Stock Market Liquidity c. A "Coasian" Approach to Insider Trading: Private Contracting III. TESTABLE HYPOTHESES A. Insider Trading Law and Ownership Concentration B. Insider Trading Law and the Information Content of Stock Prices C. Insider Trading Law and Liquidity IV. DESCRIPTION OF THE DATA A. Data Sources 1. The Dependent Variables 2. Insider Trading Regulation and Enforcement a. Insider Trading Law Variables b. Enforcement Environment 3. Additional Economic, Legal and Institutional Variables B. Descriptive Statistics V. REGRESSION ANALYSIS OF INSIDER TRADING Law AND THE STOCK MARKET A. Insider Trading Law and Corporate Ownership B. Insider Trading Law and Stock Price Informativeness C. Insider Trading Law and Stock Market Liquidity D. Interaction of Sanctions and Public Enforcement Power E. Summary and Discussion of Results VI. CONCLUSION AND IMPLICATIONS FOR THE Theoretical Law AND ECONOMICS DEBATE I. INTRODUCTION The Law and economics debate about the desirability of prohibiting insider trading--trading by corporate insiders on material, non-public information--is both long-standing and unresolved. The early legal debate centered on whether insider trading is unfair to public investors who are not privy to private corporate information. (1) However, the fairness inquiry was malleable, lacked a rigorous Theoretical framework, and therefore did not yield coherent or practical policy prescriptions. (2) Professor Henry Manne abruptly shifted the debate to an efficiency inquiry with his now classic 1966 book, Insider Trading and the Stock Market. In Insider Trading and the Stock Market, Manne argued that, contrary to the prevailing legal and moral opinion of the time, insider trading is desirable because it is economically efficient. (3) Professor Manne's controversial thesis abruptly shifted the focus from fairness to the economics of insider trading and precipitated an intense debate in the Law and economies literature about the efficiency implications of insider trading. …
-
Insider Trading Laws and Stock Markets Around the World (Former title: Do Insider Trading Laws Matter? Some Preliminary Comparative Evidence)
2004Co-Authors: Laura Nyantung BenyAbstract:The primary goal of this article is to bring empirical evidence to bear on the largely Theoretical Law and economics debate about insider trading. The article first summarizes various agency cost and market theories of insider trading propounded over the course of this perennial debate. The article then proposes three testable hypotheses regarding the relationship between insider trading Laws and several measures of stock market performance. Using international data, the paper finds that more stringent insider trading Laws are generally associated with more dispersed equity ownership, greater stock price accuracy and greater stock market liquidity. These results suggest the appropriate locus of academic and policy inquiries about the efficiency implications of insider trading.
-
insider trading Laws and stock markets around the world an empirical contribution to the Theoretical Law and economics debate
The Journal of Corporation Law, 2004Co-Authors: Laura Nyantung BenyAbstract:The primary goal of this Article is to bring empirical evidence to bear on the heretofore largely Theoretical Law and economics debate about insider trading. The Article first summarizes various agency, market, and contractual (or "Coasian") theories of insider trading propounded over the course of this longstanding debate. The Article then proposes three testable hypotheses regarding the relationship between insider trading Laws and several measures of stock market performance. Exploiting the natural variation of international data, the Article finds that more stringent insider trading Laws are generally associated with more dispersed equity ownership, greater stock price accuracy and greater stock market liquidity, controlling for various economic, legal and institutional factors. These results cast doubt on pure "Coasian" theories of insider trading and suggest the appropriate locus of academic and policy inquiries about the efficiency implications of insider trading and its regulation. Further empirical research is necessary, however, in order conclusively to resolve the perennial insider trading debate.
Jacopo Seccatore - One of the best experts on this subject based on the ideXlab platform.
-
Remarks on Some Mechanical Small-Scale Tests Applied to Properties of Materials
Rock Mechanics and Rock Engineering, 2016Co-Authors: Marilena Cardu, Jacopo SeccatoreAbstract:The paper presents the results of test campaigns on small-scale strength properties (particularly, micro-hardness) performed on two homogeneous materials: calcite, a very common and widespread mineral that is characterized by its relatively low Mohs hardness and its high reactivity with even weak acids; and glass, an amorphous solid characterized by the absence of the long-range order which defines crystalline materials. After a synthetic description of the principles underlying two of the three classical comminution Laws, known as Kick’s Law and Rittinger’s Law, experimental results are discussed. The results of the tests performed show that both scale effect and size effect contribute to the non-constancy of mechanical properties at small scale for crystalline materials. On the other hand, for amorphous materials, a Theoretical Law considering size effects gives considerably different results from empirical measurements. Considerations and an extended discussion address these findings.
Lianping Dong - One of the best experts on this subject based on the ideXlab platform.
-
general formulas for drag coefficient and settling velocity of sphere based on Theoretical Law
International journal of mining science and technology, 2015Co-Authors: Hongli Yang, Minqiang Fan, Airong Liu, Lianping DongAbstract:Abstract The settlement of particles is of great importance in many areas. The accurate determination of drag coefficient and settling velocity in wide Reynolds number ( Re ) range remains a problem. In this paper, a series of new formulas for drag coefficient of spherical particles based on Theoretical Laws, such as the Stokes Law, the Oseen Law, and the Goldstein Law, were developed and fitted using 480 groups of experimental data ( Re 5 ). The results show that the 2nd approximation of a rational function containing only one parameter can describe C D – Re relationship accurately over the whole Re range of 0–2 × 10 5 . The new developed formulas containing five parameters show higher goodness over wide Re range than presently existing equations. The introduction of the Oseen Law is helpful for improving the fitting goodness of the empirical formulas. On the basis of one of the Oseen-based C D – Re formulas giving the lowest sum of squared relative errors Q over the whole Re range ( Re 5 ), a general formula for settling velocity u t based on dimensionless parameters was proposed showing high goodness.
Marilena Cardu - One of the best experts on this subject based on the ideXlab platform.
-
Remarks on Some Mechanical Small-Scale Tests Applied to Properties of Materials
Rock Mechanics and Rock Engineering, 2016Co-Authors: Marilena Cardu, Jacopo SeccatoreAbstract:The paper presents the results of test campaigns on small-scale strength properties (particularly, micro-hardness) performed on two homogeneous materials: calcite, a very common and widespread mineral that is characterized by its relatively low Mohs hardness and its high reactivity with even weak acids; and glass, an amorphous solid characterized by the absence of the long-range order which defines crystalline materials. After a synthetic description of the principles underlying two of the three classical comminution Laws, known as Kick’s Law and Rittinger’s Law, experimental results are discussed. The results of the tests performed show that both scale effect and size effect contribute to the non-constancy of mechanical properties at small scale for crystalline materials. On the other hand, for amorphous materials, a Theoretical Law considering size effects gives considerably different results from empirical measurements. Considerations and an extended discussion address these findings.
Emmanuel Benard - One of the best experts on this subject based on the ideXlab platform.
-
bioinspired wind field estimation part 1 angle of attack measurements through surface pressure distribution
International Journal of Micro Air Vehicles, 2018Co-Authors: Nikola Gavrilovic, Jean Marc Moschetta, Murat Bronz, Emmanuel BenardAbstract:One of the major challenges of Mini-Unmanned Aerial Vehicle flight is the unsteady interaction with turbulent environment while flying in lower levels of atmospheric boundary layer. Following inspiration from nature we expose a new system for angle of attack estimation based on pressure measurements on the wing. Such an equipment can be used for real-time estimation of the angle of attack during flight or even further building of wind velocity vector with additional equipment. Those information can find purpose in control and stabilization of the aircraft due to inequalities seen by the wing or even for various soaring strategies that rely on active control for energy extraction. In that purpose, flying wing aircraft has been used with totally four span-wise locations for local angle of attack estimation. In-flight angle of attack estimation from differential pressure measurements on the wing has been compared with magnetic sensor with wind vane. The results have shown that pressure ports give more reliable estimation of angle of attack when compared to values given by wind vane attached to a specially designed air-boom. Difference in local angle of attack at four spanwise locations has confirmed spatial variation of turbulence in low altitude flight. Moreover, Theoretical Law of energy dissipation for wind components described by Kaimal spectrum has shown acceptable match with estimated ones.
-
Bioinspired wind field estimation—part 1: Angle of attack measurements through surface pressure distribution
International Journal of Micro Air Vehicles, 2018Co-Authors: Nikola Gavrilovic, Jean Marc Moschetta, Murat Bronz, Emmanuel BenardAbstract:One of the major challenges of Mini-Unmanned Aerial Vehicle flight is the unsteady interaction with turbulent environment while flying in lower levels of atmospheric boundary layer. Following inspiration from nature we expose a new system for angle of attack estimation based on pressure measurements on the wing. Such an equipment can be used for real-time estimation of the angle of attack during flight or even further building of wind velocity vector with additional equipment. Those information can find purpose in control and stabilization of the aircraft due to inequalities seen by the wing or even for various soaring strategies that rely on active control for energy extraction. In that purpose, flying wing aircraft has been used with totally four span-wise locations for local angle of attack estimation. In-flight angle of attack estimation from differential pressure measurements on the wing has been compared with magnetic sensor with wind vane. The results have shown that pressure ports give more reliable estimation of angle of attack when compared to values given by wind vane attached to a specially designed air-boom. Difference in local angle of attack at four spanwise locations has confirmed spatial variation of turbulence in low altitude flight. Moreover, Theoretical Law of energy dissipation for wind components described by Kaimal spectrum has shown acceptable match with estimated ones.